The American economy is ________ economy in the world today.
A. the largest and the fastest growing
B. neither the largest nor the fastest growing
C. the largest, but not the fastest growing
D. the fastest growing, but not the largest
C. the largest, but not the fastest growing
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Assume someone organizes all farms in the nation into a single-price monopoly. As a result, the price consumers pay for food
A) does not change, that is, it remains constant. B) falls. C) rises. D) might rise or fall depending on whether the demand for food is elastic or inelastic. E) might rise or fall depending on whether the monopoly's marginal revenue curve lies above or below its demand curve.
Which of the following assumptions of the classical model is the best reason we cannot use it to explain short-run economic fluctuations?
a. Markets never clear in the long run. b. The labor market clears. c. Prices remain constant and supply and demand adjust. d. It does not show how an economy recovers from a recession. e. Government intervention is essential to get markets to clear.